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Minneapolis Fed: NPR



Carmi Matson, public program manager of the Federal Reserve Bank of Minneapolis, says she and her colleagues are at the state fair to teach Minnesota about what the Fed does.

Mark Zdechlik / MPR News


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Mark Zdechlik / MPR News

Carmi Matson, public program manager of the Federal Reserve Bank of Minneapolis, says she and her colleagues are at a state fair to teach Minnesota people what the Fed is doing.

Mark Zdechlik / MPR News

Beyond the cattle barn, the "oak stand," the house with meat and chop, this year's Minnesota State Fair has a new attraction.

Stowed away in the educational building at the fairgrounds near St. . Paul is an exhibition presenting something that anyone would enjoy – without dough.

"How often do you get free money? A real American currency, "shouted Karmi Matson, who runs public programs for the Federal Reserve Bank of Minneapolis, which created its first ever booth at the fair.

Does it sound too good to be true? Yup.

The Fed does not spend money. These are fragmented, worn-out money that the bank has taken out of circulation.

At a fair that attracted more than 2 million visitors last year, the Minneapolis Fed helps introduce the bank to thousands of Minnesota people at one time

"We know that a lot of people out there don't understand the Fed's mission and all our many activities. So we just hear a little awareness," Matson said.

Fed employees get questions like, "Now is the time to refinance my house?"

Visitors to the fair learn that the Federal Reserve – of which the Minneapolis Fed is only part – sets interest rates, manages currency, including the destruction of worn-out accounts and controls banks.

One visitor, Peter Andersen, 80, of St. Paul, learned that the Federal Reserve was divided into twice as many areas as the six it believed existed. [19659008] Unlike President Trump, who likened President Fed Ja y Powell to an enemy Andersen has a favorable opinion of the central bank and its mission.

"They monitor money and monitor interest rates, and they monitor the economy and make sure that inflation is not too much," Andersen said. "I think they are doing a good job and they should remain separate. In my opinion, the president should have no influence over the Fed."


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